8.01 Applicable international banking practice and settled set of principles running through the preceding chapters put emphasis on presentation of the documents required in a letter of credit as the condition for realizing the credit. When an intended beneficiary, properly bearing in mind the indicated condition, accepts a credit expressly or by implication of law, common sense and mercantile practice generally presume that he fully appreciates the import of the entire terms of the credit and considers the stipulated documents obtainable to draw on the credit. By...
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